Published Date : Jul 04, 2018
ALBANY, New York, July 4, 2018 –MarketResearchReports.biz has announced the addition of a new report titled “Gas Detection Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017–2024”. The study on the global gas detection equipment market presents a granular assessment of key trends shaping the market dynamics and the various factors and developments influencing the emerging market outlook. The growing demand for systems in various end-use sectors for ensuring workplace safety is a primary factor driving the gas detection equipment market.
The global gas detection equipment market is projected to expand at 5.7% CAGR during 2017–2024, and touch a valuation of US$3.8 billion by the end of this period. The global market is reaping substantial gains from the rising implementation of various industrial standards for maintaining the safety of workers, particularly in the industrial sector. The extensive uptake of portable and fixed gas detectors in government institutions in numerous developed countries, such as in North America, is accentuating the market. Furthermore, the rising number of oil and gas explorations projects in developing regions, such as in Asia Pacific, is fortifying the demand for gas detection systems through 2024.
The rising usage of these detection equipment to detect the presence of gases, especially toxic and flammable ones, is boosting the global market. The rising adoption of gas detection systems equipped with alarm outputs for preventing and controlling hazards in accident-prone areas in various industries is a favorable market trend.
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The implementation of government mandates for a safe workplace in developing and developed nations is also bolstering the uptake of gas detection equipment. These mandates, over the years, have become prominent in the oil and gas industry for the monitoring and detection of combustible gases and toxic emissions.
Substantial advancements in gas detection technology, notably in electrochemical gas sensors, have consistently upped the functionality of these devices. The advent of high-performance gas detection equipment in developed regions help the market rise rapidly over the assessment period.
However, the gas detection equipment market also suffers from few setbacks caused by declining profit margins, against the backdrop of intensifying level of competition. The constant influx of players in the global market has upped the intensity of competition in recent years. New entrants are relying on differentiated offerings to get a firm foothold in the market.
Top players are increasingly offering value-added services to their customers, with the aim of gaining competitive advantage in the market. Some of the prominent companies in the gas detection equipment market are Sensor Electronics, Honeywell International Inc., RAE Systems Inc., MSA Safety Inc., Siemens AG, Schauenburg Group, Trolex Ltd., Sensidyne, Drägerwerk AG, GE Measurement & Control Solution, and ESP Safety Inc.
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